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Individual Voluntary Arrangements (IVA's)
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- What is an IVA - Individual Voluntary Arrangement?
- How do I know an IVA is right for me?
- How does an IVA work?
- How is IVA Debt Advice Helpline different?
- How long does it take to set up an IVA and what is the process?
- How long does an IVA last?
- How much does an IVA cost?
- Will I ever have to go to court?
- Will my creditors still call me?
- What happens at the IVA creditors meeting?
- Can I clear all my debts with an IVA?
- Will I lose my home in an IVA?
- Will an IVA affect my business?
- What happens to my Credit Cards in an IVA?
- Will my IVA affect my bank account?
- What if my financial circumstances change during the IVA?
- What happens if I default on the terms of my IVA?
- Do I have to tell anyone I have an IVA?
- Can I share my IVA with my partner?
- How does an IVA affect my credit rating?
- I live with my parents – will the IVA result in them being blacklisted?
- Insolvency Act 1986 - Part VIII - IVA's
- Bankruptcy
- Debt Relief Orders (DRO's)
- Debt Management Plans (DMP's)
- Informal Agreement with Creditors
- County Court Administration Order (CCAO)
- Trust Deeds (Scotland)
- Consolidation Loan
- Mis-sold Payment Protection Insurance (PPI)
- Debt Calculator
- Debt Advice Centres
- Latest Insolvency News
How does an IVA work?
We will draft your IVA proposals from the financial information you provide to us.
The IVA proposal is a formal legal contract between you and your creditors. It contains details of:
- Your personal financial circumstances and how your debts have arisen
- A list of your assets (if you have any)
- A list of your creditors and the amounts they are owed
- Your proposal to creditors for repaying all or part of their debts
Your creditors will decide whether to vote in favour of your proposals at a meeting. If they do, it is usually because the outcome for them is preferable to bankruptcy.
Once the IVA is approved it is legally binding on all creditors and they cannot continue to harass you.
Their claims must be submitted to the insolvency practitioner dealing with your case who will also collect realise assets included in the arrangement and make distributions to creditors.
Debts are written off when the IVA is completed.
If you are not sure about the extent of your problem then try filling in our online Debt Calculator. This will help you calculate how much money you have left over each month to pay your debts (creditors) Getting in touch with an insolvency expert for free advice is as easy as picking up the phone. Call us on free phone 0800 169 1536. If you would like one our experts to contact you to discuss your financial position and how we can help, please send us your details so we can arrange a call back at a time that is convenient to you.